Home sales are down in Kansas, but you can still expect to pay more in Wichita. Here’s why
Homebuyers in Wichita should expect to navigate a “very competitive” market, according to one real estate site, even as sales slump statewide compared to last year. Tight inventory has driven prices up in many areas and contributed to a seller’s market.
Wichita’s median home listing price is $275,000 as of June, which is a 14.6% increase from last year, real estate site Realtor.com reports. Average Wichita homes were selling for about 3% above asking price in June, and most homes are selling after about 28 days on the market.
The average home value in Wichita was $186,579 in June, according to the Zillow Home Value Index. Home values are up 5.9% in Wichita compared to last year.
The city’s housing market is considered ”very competitive,” according to another real estate site, Redfin, scoring an 85 out of 100 on the site’s competitiveness scale. Redfin reports the city’s median home sale price was $235,000 in June, up 7.3% year-to-year.
As of May, the most recent month for which data are available, more than half of Wichita homes were selling above list price, according to Zillow. Roughly 27% were selling for less than list price, and average homes went pending after five days on the market.
Although the market may be competitive, Redfin reports home sales were down 9.41% in June compared to last year, mirroring a widespread trend, according to the National Association of Realtors.
The National Association of Realtors said in a July 20 report home sales are down 18.9% across the U.S. from last year, though June’s national median sale price was the second-highest ever recorded in the country, at $410,200.
Many real estate experts do not expect major relief in housing prices in the U.S. anytime soon, Forbes reported in July.
Housing market in Wichita, Kansas
In Kansas, low home supply has favored sellers even as sales have dropped in recent months.
“Sales through the first half of the year are down nearly 15 percent compared to 2022,” Kansas Association of Realtors President Thomas Howe, with McGrew Real Estate in Lawrence, said in a July 26 press release. “Nevertheless, it remains a sellers’ market due to very tight inventories.”
Kansas’ statewide average sale price increased by 3.8% from last June, at $321,885, the Kansas Association of Realtors report continued.
Sedgwick County’s peak median home sale price in the past year was $260,000 in early June, according to Redfin. The county’s lowest median sale price was $181,756, in January.
Here’s how Sedgwick County’s median home sale price has changed since July 2022, with data from Redfin:
Note: This chart will automatically update as new data becomes available.
